Rising Tide Newsletter Q3 2022

 

 
 
Dear Esteemed Partners and Friends:
Welcome to our Quarterly Newsletter that recaps how Rising Tide connects capital with the opportunity to create value and build a better future. Our business is and will always be susceptible to market conditions, so we take great pride in our portfolio’s performance and consistent growth, and importantly, the trust our limited partners place in us. We hope you will enjoy this report and as always, please send us your suggestions at info@rtf.vc. We also encourage you to visit these social media sites – Linked-in here; Twitter here – that showcase the power of entrepreneurial ideas and investments in talent and technology.
PORTFOLIO FINANCING
Sector: Deep Technology

TWELVE RAISES $130 MILLION TO DEPLOY THE WORLD’S FIRST CARBON TRANSFORMATION PLATFORM
Carbon transformation company Twelve raised $130 Million in a Series B round to deploy the world’s first industrial-scale carbon transformation platform, link here. The Company develops technology that converts captured CO2 into products historically made from fossil fuels, and is transforming emissions into products for companies and government agencies like Mercedes-Benz, Procter & Gamble, Shopify, NASA, and the U.S. Air Force. Recently, Twelve and Alaska Airlines announced they plan to collaborate with Microsoft to advance sustainable aviation fuel derived from recaptured CO2 and renewable energy, more here.

FLY.IO CLOSES $37 MILLION SERIES A & SERIES B FUNDING ROUND
Fly.io wants to change the way companies deploy applications at the edge. The best way to think about Fly.io is a new kind of public application delivery cloud that delivers applications all over the world wherever the end user happens to be. Founded in 2017, the Company today has several hundred thousand apps deployed and a worldwide network of servers, from the U.S. to Southeastern Asia. The types of users using Fly.io today are small teams of developers running a full-stack app in a database. Clients can host their applications on servers with low latency speed and affordable prices. Most recently, Fly.io announced a $25 Million Series B financing, and also publicly revealed a $12 Million Series A, more here.

LEDGER INVESTING RAISES $75 MILLION IN SERIES B FUNDING TO DEMOCRATIZE INSURANCE RISK CAPITAL
Ledger Investing has built a promising marketplace connecting insurance risk with capital. The Company has successfully expanded insurance-linked security (ILS) into the U.S. casualty market by providing data transparency, simplified reinsurance structures, and uncorrelated returns for institutional investors. Both managing general agents (MGA) and insurance carriers have leveraged the marketplace for multi-year underwriting capacity and access to alternative capital, unlocking incremental value. Ledger Investing has placed over $400 million in premium into the capital markets and is on track to exceed $1 billion by the end of the year. The Company will use the Series B funds to accelerate revenue growth across its ILS brokerage and asset management businesses, as well launch data infrastructure products, and also hire more than 200 employees. Ledger Investing recently announced it raised $75 Million in Series B financing, more here.

Sector: Medical Devices

ATIA VISION CLOSES ON $42 MILLION IN SERIES E FINANCING
Nearly 67 million people worldwide are visually impaired due to cataracts, which can lead to blindness if untreated. Atia Vision’s modular intraocular lens technology aims to address the limitations of current solutions and is committed to improving patient outcomes through the development of a modular presbyopia-correcting intraocular lens (IOL). Implanted using conventional cataract techniques, the innovation features a shape-changing, fluid-filled base and is designed to have an exchangeable fixed power front optic, allowing physicians to select the appropriate lens to meet each patient’s target refraction. The dual lens system is responsive to the natural accommodative mechanism and aims to provide dynamic power response for clear vision from far to near. Last month, Atia Vision announced the first close of a $42 Million Series E financing, see more here.

NEW INVESTMENT
Sector: Enterprise Software

PARADE SECURES $12.7 Million TO ACCELERATE EXPANSION
Below the surface of the freight industry lies a fragmented relationship between shippers, brokers, and carriers that makes the very movement of goods throughout the United States incredibly complex. Parade.ai is the leader in software for freight brokers, offering truckload capacity management that drives carrier access and digital transformation. Brokers and 3PLs (third-party logistics) grow profits by booking more loads, increasing operational efficiencies, and boosting productivity. Transactions on Parade’s platform are growing 3.8x year-over-year and Parade customers are automating upward of 30% of their bookings, which is transformative for brokerages running at modest margins, more here.

  • Parade adds Truckbase and its network of 5,000 long-haul trucks and expands coverage for freight brokers, more here.
  • ARL Transport (ARL) is one of the largest intermodal drayage companies in the U.S. and Canada.  While using Parade, ARL has realized gains of upwards of 8.47% in gross margin on digital freight, more here.
PORTFOLIO SPOTLIGHT
Click to Watch Video
ONECHRONOS BUILT A FINANCIAL EXCHANGE THAT DRAMATICALLY REDUCES THE COSTS AND COMPLEXITIES OF TRADING.
OneChronos is a U.S. equities Alternative Trading Systems (ATS) designed bottoms-up to fundamentally address the growing gap between how trading venues match orders and how traders need to execute. Rising Tide invested in the Company by way of its 2016 Seed Fund.  
MEDICAL DEVICES LEADER IN THE SPOTLIGHT
VIDA’s Liz Moyles was fortunate enough to speak with Todd Usen, CEO Activ Surgical. In this interview he explains what drew him to work in this field, how he feels inspired daily by the people around him and what motivates him and his team to make a difference in this space. More here.

EXO ACQUIRES MEDO AI TO MAKE MEDICAL IMAGING EASY
By integrating Medo’s AI, Exo enables more caregivers in more settings to capture and interpret medical images – allowing faster and more accurate diagnoses and treatment. Medo’s unique ultrasound AI technology radically lowers the expertise required to diagnose common and critical conditions through automated image acquisition and interpretation, allowing non-experts to conduct high-quality exams quickly and accurately. More here.

PORTFOLIO HIGHLIGHTS
 

Disclosure: This presentation is not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of any fund (the “Fund”) managed by Rising Tide Fund Managers, LLC (the “Rising Tide”) are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). The portfolio companies described herein do not represent all the portfolio companies purchased, sold or recommended for portfolios advised by Rising Tide. The reader should not assume that an investment in the portfolio companies identified were or will be profitable. Past performance is not indicative of future results. Investors should be aware that a loss of investment is possible. The information in this presentation was prepared by Rising Tide and is believed to be reliable. Rising Tide makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this presentation constitute the current judgment of Rising Tide and are subject to change without notice.

 
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